Facebook social media giant will reportedly allow blockchain ads and crypto tech news to be displayed on the platform with prior approval according to the new announcement coming to our latest cryptocurrency news today.
All of the ads regarding crypto events, crypto materials, promotions, and other blockchain-related ads will be displayed to the social media giant platform according to the announcement. This is a huge upgrade from last year when the company decided to implement a policy that requires all of the blockchain and crypto promoters to ask for consent before running advertisements. The press release goes on to explain that the new update will not apply to those ads that want to promote a certain cryptocurrency nor ads that will promote initial coin offerings (ICO).
The purpose of the harsh restrictions for crypto businesses is to prevent Facebook users from falling into a trap into misleading ads. The advertisers, who want to promote a specific product such as a new cryptocurrency token, mining services, mining software or hardware or crypto trading services, will still have to undergo a harsh background check which includes:
“…licenses they have obtained, whether they are traded on a public stock exchange (or are a subsidiary of a public company) and other relevant public background on their business.”
As previously reported in our altcoin news, the decision of the social media platform to ban crypto and ICO ads totally, came back in January 2018 and it was strongly criticized as being too harsh and unnecessary. Some even believe that the crypto ads ban was bad for the further development of the technology. The founder of FUSIOM Dejun Qjan even commented:
“This policy will definitely protect people from the scams of predatory projects. However, announcing an ‘intentionally broad’ policy is always the easiest way and not necessarily the best route for technology development. I don’t believe that banning e-commerce ads just because people face the risk of buying counterfeited products is a good idea.”
At the start of the week, Facebook social media giant acquired the rights to the ‘’Libra’’ trademark for its new, secretive and controversial crypto project. The company is now seeking $1 billion in investments for the new native token which will be used on the platform itself but also on Whatsapp and Instagram.
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